]> Press Releases--Closed-End Funds, Closed-End Funds' Portfolio Allocation Updates
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Templeton Releases Closed-End Funds' Portfolio Allocation Updates

From: Franklin Templeton Investments
Contact: Lisa Gallegos
Telephone:(650) 312-3395

For more information, please contact Franklin Templeton Investments at 1-800-342-5236. Members of the media should contact Lisa Gallegos at Franklin Templeton Corporate Communications at 650-312-3395.

TEMPLETON RELEASES CLOSED-END FUNDS' PORTFOLIO ALLOCATION UPDATES

Fort Lauderdale, Florida, July 30, 2004.  The Templeton closed-end Funds referenced below, which trade on the New York Stock Exchange, today released portfolio allocation updates containing the following information as of June 30, 2004:

  • Asset Allocation
  • Ten Largest Positions/Portfolio Characteristics
  • International Allocation/Net Currency Distribution
  • Industry Allocation/Country Distribution

To obtain a copy of the updates, please contact Fund Information at 1-800-342-5236.


Templeton closed-end Funds:

            Templeton Dragon Fund, Inc. (NYSE: TDF)

            Templeton Global Income Fund (NYSE: GIM)

            Templeton Russia and East European Fund, Inc. (NYSE: TRF)


The Funds’ investment advisers are subsidiaries of Franklin Resources, Inc. (NYSE: BEN)
, a global investment organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, CA-based company has more than 50 years of investment experience and over $350 billion in assets under management as of June 30, 2004. For more information, please call

1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.

TEMPLETON DRAGON FUND, INC.
AS OF JUNE 30, 2004
TOTAL ASSETS: $626,310,137
NET ASSET VALUE PER SHARE: $16.58

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS TEN LARGEST POSITIONS PERCENT OF TOTAL NET ASSETS
CASH & OTHER 4.1% DAIRY FARM INTERNATIONAL HOLDINGS LTD 15.0%
EQUITY* 95.9%
=========
CHINA PETROLEUM & CHEMICAL CORP 6.6%
100.0% CHINA MOBILE (HONG KONG)LTD 5.9%
HANG LUNG GROUP LTD 4.3%
CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 4.3%
DATANG INTERNATIONAL POWER GENERATION CO LTD 4.0%
HSBC HOLDINGS INTL CO LTD 2.9%
CITIC PACIFIC LTD 2.8%
MEGA FINANCIAL HOLDINGS CO LTD 2.7%
CHINA MERCHANTS HOLDINGS INTL CO LTD 2.6%

========

51.1%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL NET ASSETS INDUSTRY ALLOCATION PERCENT OF TOTAL NET ASSETS
ASIA 96.9% CONSUMER DISCRETIONARY 11.7%
CHINA 25.3% AUTOMOBILES & COMPONENTS 1.9%
HONG KONG 47.4% CONSUMER DURABLES & APPAREL 4.7%
TAIWAN 24.3% HOTELS RESTAURANTS & LEISURE 2.2%
EUROPE 3.1% RETAILING 3.0%
UNITED KINGDOM 3.1% CONSUMER STAPLES 16.9%
TOTAL EQUITY 100.0% FOOD BEVERAGE & TOBACCO 1.3%
FOOD & STAPLES RETAILING 15.6%
ENERGY 9.3%
FINANCIALS 19.5%
BANKS 8.7%
DIVERSIFIED FINANCIALS 1.0%
REAL ESTATE 9.8%
INDUSTRIALS 13.1%
CAPITAL GOODS 7.5%
TRANSPORTATION 5.6%
INFORMATION TECHNOLOGY 11.0%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.2%
SOFTWARE & SERVICES 0.3%
TECHNOLOGY HARDWARE & EQUIPMENT 8.6%
MATERIALS 4.5%
TELECOMMUNICATION SERVICES 8.1%
UTILITIES 5.9%
TOTAL EQUITY* 100.0%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.



TEMPLETON GLOBAL INCOME FUND, INC.
AS OF JUNE 30, 2004
TOTAL NET ASSETS: $1,115,758,468
NET ASSET VALUE PER SHARE: $8.60

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS PORTFOLIO CHARACTERISTICS
CASH & OTHER 2.3% WEIGHTED AVG. CREDIT QUALITY A+
FIXED INCOME 97.7% WEIGHTED AVG. MATURITY 5 yrs.
EQUITY* 0.0%
========
WEIGHTED AVG. DURATION 4.07 yrs.
100.0% WEIGHTED AVG. COUPON 6.923%
NET CURRENCY DISTRIBUTION PERCENT OF TOTAL NET ASSETS COUNTRY DISTRIBUTION PERCENT OF TOTAL NET ASSETS
ASIA 22.1% ASIA 23.9%
INDO RUPIAH 5.5% INDONESIA 5.5%
SOUTH KOREA WON 10.3% PHILIPPINES 1.7%
THAILAND BAHT 6.3% SOUTH KOREA 10.3%
AUSTRALIA/NEW ZELAND 13.4% THAILAND 6.3%
AUSTRALIAN DLR 5.8% AUSTRALIA/NEW ZELAND 13.4%
N ZEAL DOLLAR 7.5% AUSTRALIA 5.8%
EUROPE 49.4% NEW ZELAND 7.5%
BRITISH POUND 0.6% EUROPE 51.5%
DANISH KRONE 1.7% AUSTRIA 3.3%
EURO MON UNIT 31.0% BELGIUM 2.9%
HUNGARY FORINT 1.5% DENMARK 1.7%
NORWEGIAN KRONE 3.0% FINLAND 4.3%
POLND ZLOTY 2.5% FRANCE 4.7%
SWEDISH KRONA 9.2% GERMANY 3.6%
NORTH AMERICA 15.1% GREECE 0.5%
CANADIAN DOLLAR 1.9% HUNGARY 1.5%
US DOLLAR 13.2%
========
IRISH REPUBLIC 1.3%
TOTAL 100.0% ITALY 2.9%
NETHERLANDS 2.4%
NORWAY 3.0%
POLAND 2.5%
RUSSIA 2.1%
SPAIN 2.6%
SWEDEN 9.2%
UKRAINE 2.5%
UNITED KINGDOM 0.6%
LATIN AMERICA 6.8%
BRAZIL 0.7%
COLOMBIA 0.7%
MEXICO 1.3%
PERU 0.2%
VENEZUELA 3.9%
MID-EAST/AFRICA 0.2%
SOUTH AFRICA 0.2%
NORTH AMERICA 4.2%
CANADA 1.9%
UNITED STATES 2.1%
TOTAL 100.0%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800/DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.

TEMPLETON RUSSIA AND EAST EUROPEAN FUND, INC.
AS OF JUNE 30, 2004
TOTAL ASSETS: $186,366,677
NET ASSET VALUE PER SHARE: $34.68

ASSET
ALLOCATION
PERCENT OF TOTAL NET ASSETS TEN LARGEST POSITIONS PERCENT OF TOTAL NET ASSETS
SHORT TERM & OTHER 3.3% SBERBANK RF 15.9%
FIXED INCOME 0.0% VIMPEL COMMUNICATIONS 7.6%
EQUITY* 96.7%
=========
CHEREOVETS MK SEVERSTAL 7.0%
100% JSC MINING & SMELTING CO NORILSK NICKEL 6.8%
VOLGATELECOM 6.8%
LUKOIL HOLDINGS 6.7%
100.0% UNIFIED ENERGY SYSTEMS 5.1%
PLIVA D D 4.5%
MOL MAGYAR OLAJ-ES GAZIPARI RT 3.9%
TELEKOMUNIKACJA PLSKA SA 3.7%

========

67.9%
INTERNATIONAL ALLOCATION PERCENT OF TOTAL NET ASSETS INDUSTRY ALLOCATION PERCENT OF TOTAL NET ASSETS
EUROPE 100.0% CONSUMER DISCRETIONARY 3.7%
CROATIA 4.6% AUTOMOBILES & COMPONENTS 3.7%
HUNGARY 7.5% CONSUMER STAPLES 0.1%
POLAND 3.8% HOUSEHOLD & PERSONAL PRODUCTS 0.1%
RUSSIA 84.2% ENERGY 14.9%
TOTAL EQUITY 100.0% FINANCIALS 16.1%
BANKS 16.1%
HEALTH CARE 8.1%
PHARMACEUTICALS & BIOTECHNOLOGY 8.1%
INDUSTRIALS 1.8%
CAPITAL GOODS 0.5%
TRANSPORTATION 1.3%
INFORMATION TECHNOLOGY 1.0%
SOFTWARE & SERVICES 1.0%
MATERIALS 14.4%
TELECOMMUNICATION SERVICES 29.7%
UTILITIES 10.3%
TOTAL EQUITY* 100.0%

You may request a copy of the Fund's current Report to Shareholders by contacting Fund Information at 1-800-DIAL BEN® (1-800-342-5236). Since markets can go down as well as up, investment return and principal value will fluctuate with market conditions, currency volatility, and the economic, social and political climates of countries where the Fund invests. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. You may have a gain or loss when you sell your shares. The industry allocation uses MSCI's industry definitions for the convenience of comparison. The information provided is as of the date shown. The Fund's portfolio is actively managed and investment allocations can be expected to change.

* EQUITY INCLUDES CONVERTIBLE AND PREFERRED SECURITIES.